Correlation Analysis Between Coinbase Bitcoin and Bitfinex Recovery

This module allows you to analyze existing cross correlation between Coinbase Bitcoin USD and Bitfinex Recovery Right Tokens USD. You can compare the effects of market volatilities on Coinbase Bitcoin and Bitfinex Recovery and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Coinbase Bitcoin with a short position of Bitfinex Recovery. See also your portfolio center. Please also check ongoing floating volatility patterns of Coinbase Bitcoin and Bitfinex Recovery.
Horizon     30 Days    Login   to change

Coinbase Bitcoin USD  vs.  Bitfinex Recovery Right Tokens


Bitcoin on Coinbase in USD

189.00  2.89%
Market Cap: 176.3 B


Recovery Right Tokens on Bitfinex in USD

0.00347  10.41%
Market Cap: 4.6 K
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.49 times more return on investment than Bitfinex Recovery. However, Coinbase Bitcoin USD is 2.02 times less risky than Bitfinex Recovery. It trades about 0.05 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.06 per unit of risk. If you would invest  653,449  in Coinbase Bitcoin USD on August 22, 2018 and sell it today you would earn a total of  16,451  from holding Coinbase Bitcoin USD or generate 2.52% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and Bitfinex Recovery

Time Period1 Month [change]
ValuesDaily Returns


Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Bitfinex Recovery Right Tokens in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Recovery Right and Coinbase Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Coinbase Bitcoin USD are associated (or correlated) with Bitfinex Recovery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Recovery Right has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Bitfinex Recovery go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
Coinbase Bitcoin USD  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Bitfinex Recovery Right  

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.